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Is there Information in an Earnings Announcement Delay?

Author

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  • Joy Begley

    (The University of British Columbia)

  • Paul E. Fischer

    (University of Pennsylvania)

Abstract

Using a sample of announcements drawn from the 1980s and early 1990s, we reassess the relation between earnings news and earnings announcement timing. Using analyst forecast errors to proxy for news, we find that early announcements are associated with good news relative to late announcements. The relation between news and timing, however, does not appear to be strictly monotonic. Furthermore, we find that unexpected earnings explain 4% or less of the variation in timing. Finally, we assess whether abnormal returns behave in a manner that is consistent with a good news early, bad news late relation.

Suggested Citation

  • Joy Begley & Paul E. Fischer, 1998. "Is there Information in an Earnings Announcement Delay?," Review of Accounting Studies, Springer, vol. 3(4), pages 347-363, December.
    • Handle: RePEc:spr:reaccs:v:3:y:1998:i:4:d:10.1023_a:1009635117801
    DOI: 10.1023/A:1009635117801
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    References listed on IDEAS

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    Cited by:

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    2. Robert Ullmann & Sophia Wörle, 2025. "Strategic management of tax disclosure: asymmetric timeliness of tax footnote modifications," Review of Managerial Science, Springer, vol. 19(8), pages 2327-2372, August.

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